India’s industrial production own 3.6% in February
13 Apr 2021
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Industrial production in the country, based on the Index of Industrial Production (IIP), declined by 3.6 per cent year-on-year in February 2021, as per quick estimates released by the ministry of statistics and programme implementation.
The indices of industrial production for the mining, manufacturing and electricity sectors for the month of February 2021 stood at 116.5, 129.3 and 153.9 respectively as per quick estimates. These will undergo revision in subsequent releases as per the revision policy of IIP.
India's industrial output has shrunk 11.3 per cent in the April-February period of FY21, compared to the same period of the previous year. It has shrunk 8 out of the first-11 months of the 2020-21 financial year.
IIP had contracted by 0.9 per cent in January after rising by 1.6 per cent in December, as per updated figures. It has showed a declining trend in 8 out of the first 11 months of the 2020-21 financial year.
Manufacturing output shrank 3.7 per cent in February 2021 against the 2 per cent contraction reported in January.
Of the 23 sub-sectors within manufacturing, 17 have shown contraction in February, although limited from the 18 sectors in the previous month. The apparel, furniture, electronics, metals and machinery industries, paper and vehicles showed the largest contraction.
Manufacturing had suffered due to the series of lockdowns implemented at the national and regional levels in the wake of the pandemic.
However, the capital goods segment contracted by a smaller margin of 4.2 per cent in February, showing some investment activity despite the lockdowns.
Among user-based industries, production of consumer durables rose 6.3 per cent in February 2021 after falling 0.2 per cent in January. Production of consumer non-durables shrank by 3.8 per cent, against a decline of 6.8 per cent in January. Infrastructure production, however, continued to fall, contracting by 4.7 per cent after the marginal growth of 0.3 per cent in the previous month.
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